CNBC reports that lawmakers in the Central American country’s Congress voted by a supermajority in favor of the Bitcoin Law. According to Nayib Bukele, El Salvador’s president, the law received 62 out of 84 of the legislature’s vote.
The price of bitcoin was up 5% to $34,239.17 shortly after the vote.
“The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the law reads.
Prices can now be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax.
Bitcoin is known for wild price swings that have prompted critics to suggest it is not suitable to be an effective currency. It’s still unclear how El Salvador will ultimately roll out bitcoin as legal tender.
The exchange rate with the U.S. dollar “will be freely established by the market,” according to the proposed law. El Salvador’s current official currency is the U.S. dollar.
„In prezent, fiind o piata cu o volatilitate foarte mare, cu multi traderi sezonieri care incearca sa profite de aceasta volatilitate, volumul a crescut mult. Sunt zeci de milioane de euro pe luna tranzactionati prin Bitcoin Romania, pe toate produsele noastre, pe platforma online si prin ATM-uri. S-a dovedit ca bitcoin este un activ de stocare pe termen lung iar cei care au facut profitul cel mai mare sunt cei care au avut rabdare, de la trei ani in sus.”
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